5 tips to help you enjoy Business Decision Making
Decision making is often a pain point in business specially when it has to do with important topics. Questions such as ‘’ What if I don’t take the right path?’’… ‘’What if that action leads to a business failure’’ are thoughts that prolong decision making. However, what we often don’t see, is the impact from delaying a decision …
Below tips could add value to your decision making process…
1. Resources, Data & past Experience
Get the resources and data you need to be able to think and evaluate the options of your decision (eg. Consultants, Market insights etc). Gut feeling can be useful – especially if you are one of those that in general have right ‘’predictions’’ 😊 - but its also important to consider experts’ inputs and data in your assessment. Utilize the knowledge and the experience you already have even if its not on the same topic.
We often drag a decision because there is no actual time limit for it (eg. Start a marketing campaign, invest in a training etc) Defining the time frame you need to complete the decision-making process is crucial. Having a deadline can help you avoid procrastinating and being dragged endlessly by fear of failure.
3. Fear of Failure
This can be a tricky point! ‘’Fear of failure’’ is very useful to have because it can protect you in life from pain and unpleasant situations. In high volume though, can block you and paralyze you from any action … So, can you take a moment and reflect if this fear is your servant who protects you or your master who limits you?
4. Options and shortlisting
Writing down all the options on a piece of paper is important and can help put all thoughts in order. In this step you can leverage your resources & data and write as many options you can think. Then shortlist those (up to 3) that look more applicable as decisions. Limiting the options can really help to point the best direction.
5. ‘’What if’’
Instead of letting ''What if'' hunt you.. let it be an invaluable tool in your decision making process! Add next to the shortlisted options two sections that can help you point the right direction, one with ‘’What is the gain if this action will be successful’’ and another one with ‘’What is the impact if this action is a failure’’. Now you can evaluate the different options and decide …
… Remember that not taking the best decision is not a total loss … it’s a big learning opportunity that will pay off in future … and of course, there are always ways to take corrective actions … 😊
What are your thoughts on these point? Do you agree?... We'd love to know!